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Algebra Ventures, a MENA-focused venture capital firm, has announced the first close of its second fund. This comes a year after the firm announced it was raising USD 90 Mn for its second fund. Investors in the fund include IFC, FMO, and BII. Although its investments are focused on Egyptian and Middle Eastern markets, the firm intends to continue building relationships across Africa. The firm cheque size ranges from USD 500 K to USD 2 Mn and with its second fund, it seeks to pursue opportunities in various sectors by partnering with high-potential founders to address specific market gaps in these sectors. The firm expects to reach its final close by Q1 2023.